GIP-128 progress report Q3 2025

[staworth]

This is great to see - thank you @ernst and everyone else involved in pulling this together!

We’d like to take this opportunity with the first report to realign on expectations for quarterly reporting going forwards… At the beginning of any reporting process, there’s often a tension between our ideals and expectations on the one hand, and what’s pragmatically possible on the other. We wanted to draw out a couple of items from the GIP-128 discussion, just to get an update on feasibility.

@ernst

Gnosis Ltd will publish quarterly reports detailing spend and progress across all budget categories.

We’re very pleased to see this report delivered within 3 months of the GIP-128 being approved, and within 14 days of the end of calendar Q3. We’re generally satisfied with the level of progress updates (though would love to see even more detail coming out from community questions on specific areas). However, we note that there is no specific financial details of either spend or budget.

1. Is it realistic to provide accurate and fully-accounted details of spend and budget in each quarter? Or is this likely to be a significant uplift and cause of delay?

2. If not realistic, would it be possible to give a rough estimate of aggregate spend against the $30 million in GIP-128?

3. If neither are possible for this or any quarter, will similar figures be released at any stage (e.g. year-end report)?

@ernst

I understand your concern about the lack of transparency regarding product profitability. I will make sure we capture this well in the quarterly reports.

We’re really glad to see this report includes financials and revenues in some categories. The Gnosis Business and Gnosis Pay figures are enlightening, particularly for two categories that lack the same visibility as purely public infrastructure like Gnosis Chain.

As with costs there also isn’t any indication on profitability here. We expect this may flow from the lack of cost data, and understand that reaching complete, fully-accounted figures may be quite an uplift in time and effort. However, in the same vein as for costs:

4. Should we expect that profitability will not form part of the reports going forwards?

For what it’s worth, we feel that the profitability of Gnosis Ltd is not a very high priority item. In a world where value accrues to GnosisDAO rather than Ltd, and the DAO then continues to fund Ltd, we would expect consistent and likely significant losses from Ltd for the foreseeable future. Though individual areas like Pay and Business may be more likely to make a profit relative to their own costs, we think that even there, the goal should be growth rather than profitability over the coming years.

@ernst

We will give quarterly updates, and would also be happy to do update calls with significant GNO holders/ representatives!

Finally, we’re grateful that this is being opened up promptly for questions and feedback.

5. Would an update call also be on the table for those wishing to discuss questions and feedback live?

Perhaps, given the very recent AMA, this may not be the best use of resources right now. However, we do feel that forum posts can be a limiting form factor for some, and additional channels of feedback may improve the overall quality of feedback and speed of iteration. We’d personally be keen to join and actively participate in helping perfect these reports.

Thank you again.